FIT 1.3 Assessing fitness and propriety

The FSA will have regard to a number of factors when assessing the fitness and propriety of a person to perform a particular controlled function. The most important considerations will be the person's:

1. (1)

   honesty, integrity and reputation;

2. (2)

   competence and capability; and

3. (3)

   financial soundness.

In assessing fitness and propriety, the FSA will also take account of the activities of the firm for which the controlled function is or is to be performed, the permission held by that firm and the markets within which it operates.

The criteria listed in FIT 2.1 to FIT 2.3 are guidance and will be applied in general terms when the FSA is determining a person's fitness and propriety. It would be impossible to produce a definitive list of all the matters which would be relevant to a particular determination.

If a matter comes to the FSA's attention which suggests that the person might not be fit and proper, the FSA will take into account how relevant and how important it is.

During the application process, the FSA may discuss the assessment of the candidate's fitness and propriety informally with the firm making the application and may retain any notes of those discussions.